Guideline Value for Madhavan Nair Lane / Muthamzhi Nagar

Madhavan Nair Lane / Muthamzhi Nagar guideline value

The current guideline value for Madhavan Nair Lane / Muthamzhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This area is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Madhavan Nair Lane / Muthamzhi Nagar has changed

The guideline value for Madhavan Nair Lane / Muthamzhi Nagar has seen significant changes over the years. In 2002, the value was Rs 242 per sq.ft, which increased to Rs 274 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 360 per sq.ft in 2007, a 31% increase from the previous revision. By 2017, the guideline value had jumped to Rs 1,507 per sq.ft, reflecting a substantial 319% increase. The 2023 revision set the value at Rs 2,250 per sq.ft, a 49% increase from 2017. The current 2024 revision shows a further increase of 10%, bringing the value to Rs 2,475 per sq.ft.

It is important to note that there is no figure available for the 2012 revision for this street. Overall, from 2002 to 2024, the guideline value has increased by 923%.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, positioning Madhavan Nair Lane / Muthamzhi Nagar above this median.

• Madhavan Nair Cross Street, Krishna Nagar: Rs 2,530 per sq.ft (2024)
• Madhavan Nair Street, Krishna Nagar: Rs 2,530 per sq.ft (2024)
• Madhavan Nair Street /Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Madhavan Street / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Madhakoil Street, Nagelkeni: Rs 1,980 per sq.ft (2024)
• Madha Koil Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavan Nair Lane / Muthamzhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value amounts to Rs 24,75,000. The stamp duty at 7% would be Rs 1,73,250, and the registration fee at 2% would be Rs 49,500. Together, these fees total Rs 2,22,750. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Madhavan Nair Lane / Muthamzhi Nagar?

The Sub Registrar Office that covers Madhavan Nair Lane / Muthamzhi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Pammal

The guideline value is a critical factor in the registration process when buying or selling property in Pammal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value for Madhavan Nair Lane / Muthamzhi Nagar?

The current guideline value for Madhavan Nair Lane / Muthamzhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 242 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, which is an overall increase of 923%.

What was the guideline value in 2023?

In 2023, the guideline value for Madhavan Nair Lane / Muthamzhi Nagar was Rs 2,250 per sq.ft.

Which Sub Registrar Office covers this area?

The Pammal Sub Registrar Office covers Madhavan Nair Lane / Muthamzhi Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties in this area?

Stamp duty for properties in Madhavan Nair Lane / Muthamzhi Nagar is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 24,75,000, the stamp duty would be Rs 1,73,250.